Why cant Vivus do something like this rather than being a lame dick..
Especially against Beatie & Osborn & pecker Inc, Spector & Roseman & beastlity and Milberg Weiss Bershad Hynes & Lerach LLP & leapers.
Nevada Court Orders Monetary Sanctions Against Springrange Investment Group Ltd.
LAKE MARY, Fla.--(BUSINESS WIRE)--May 8, 1998--Harvard Scientific Corp. (OTCBB:HVSF - news), a Nevada corporation, announced Friday that the District Court in Clark County, Nev. has granted its motion for monetary sanctions against Springrange Investment Group Ltd.
On March 17, 1998, Springrange Investment Group Ltd. filed a shareholder derivative action asserting claims against Harvard Scientific Corp. and its directors Thomas E. Waite, Jackie R. See, M.D., Martin J. Holloran, Robert T. Hayden and Curtis A. Orgill seeking to enjoin and nullify a Financing Agreement entered into between the company and Thomas Waite and Dr. See. On March 18, 1998, Springrange filed an EX Parte Application for Temporary Restraining Order and a Motion For Preliminary Injunction. On March 23, 1998, the Court issued a Temporary Restraining Order against the company and its directors.
On March 31, 1998, the company filed a motion to vacate the Temporary Restraining Order and requesting the imposition of sanctions against Springrange and its counsel for untruthful representations made in Springrange's application for a Temporary Restraining Order. The company also moved to have the action transferred from Las Vegas, Nev. to Reno, Nev. On April 6, 1998, the District Court dissolved the Temporary Restraining Order. Further, on April 27 and May 4, respectively, the District Court entered minute orders transferring the action to Reno, Nev. and imposed a sanction award against Springrange in the amount of $11,095.76. The Court has instructed Harvard's counsel to prepare and submit orders consistent with the minute orders.
Harvard Scientific Corp. is a biopharmaceutical company that develops products relating to liposomal delivery of Prostaglandin E-1 for the treatment of impotency as well as male and female sexual dysfunction. The company's patented process allows the Prostaglandin E-1 to be administered as a liquid via a painless delivery system. The company also has developed a topically applied skin treatment for psoriasis and is working with the FDA to establish Phase I clinical trials protocol for that product.
Prostaglandin E-1 is a naturally occurring vasodilator originally approved by the U.S. Food and Drug Administration for intravenous infusion in neonates. In 1995, PGE-1 was approved by the FDA for use in Upjohn's Caverject(r), which is administered by needle injection as a treatment for male erectile dysfunction. In November 1996, Vivus Inc [Nasdaq:VVUS - news].'s MUSE(r) delivery system was approved by the FDA. The company believes that its product represents a substantial treatment advantage over other delivery systems currently being utilized in the industry.
From time to time the company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly.
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